What is Spain's current inflation rate?

Spain's annual inflation rate, measured by the harmonised index of consumer prices (HICP), is 5.0% as of September 2026 This is a flash estimate and may be revised at the final release..

Is Spain's inflation above or below the ECB's 2% target?

At 5.0%, it is 3.0 percentage points above the European Central Bank's 2% target.

How does Spain's inflation compare with the rest of Europe?

Spain ranks number 8 of 30 European economies by inflation, 1.2 points above the eurozone average of 3.8%.

Did Spain's inflation rise or fall last month?

Month on month, the headline rate rose from 4.6% to 5.0% in September 2026.

🇪🇸Spain inflation rate

released 2 Oct 2026 · data through September 2026 · flash estimate · next release expected 17 Oct 2026

Spain joined the euro at its launch in 1999. Harmonised inflation (HICP) — the EU-harmonised measure that makes prices comparable across Europe — stands at 5.0% as of September 2026. That is 3.0 percentage points above the ECB's 2% target, and 1.2 points above the eurozone average of 3.8%.

The breakdown shows core (excluding energy and food) at 3.5%, energy at 22.0%, food at 2.7% and services at 4.2%. The strongest pressure is in energy (22.0%), while food is the softest (2.7%).

Month on month the headline rose from 4.6% to 5.0%, extending the climb.

Spain ranks number 8 of 30 European economies by annual inflation, from highest to lowest, between Greece and Belgium.

Harmonised inflation (HICP) · annual rate

5.0%

vs 2% target

+3.0 pp

Harmonised inflation (HICP) is 5.0% as of September 2026 — that is 3.0 percentage points above the ECB's 2% target.

core (excluding energy and food)

3.5%

▼ 0.1 pp vs prev

energy

22.0%

▲ 4.9 pp vs prev

food

2.7%

▲ 0.3 pp vs prev

services

4.2%

▲ 0.2 pp vs prev

Spain — annual HICP inflation rate, last 10 years

Source: Eurostat (HICP) · data through September 2026 · modifications: none

Compare with the rest of Europe on the European inflation ranking →

Frequently asked questions

What is Spain's current inflation rate?: Spain's annual inflation rate, measured by the harmonised index of consumer prices (HICP), is 5.0% as of September 2026 This is a flash estimate and may be revised at the final release..
Is Spain's inflation above or below the ECB's 2% target?: At 5.0%, it is 3.0 percentage points above the European Central Bank's 2% target.
How does Spain's inflation compare with the rest of Europe?: Spain ranks number 8 of 30 European economies by inflation, 1.2 points above the eurozone average of 3.8%.
Did Spain's inflation rise or fall last month?: Month on month, the headline rate rose from 4.6% to 5.0% in September 2026.

🇪🇸Spain inflation rate

Frequently asked questions

Spain — more indicators